Ethereum Holds Crucial Support, Attempts to Break $1,300 Resistance

For the past two days, buyers have been attempting to push Ether to the peak price of $1,434. However, the upward move is stuck below the $1,290 resistance.

For the past week, Ether has rallied to a peak price of $1,435. Ethereum bulls could not continue with the upside momentum as the coin reached the overbought region. Sellers emerged as crypto plunged to $1,048 low. 

This week buyers have taken control as they attempt to push the crypto upward. The battle is at the $1,300 resistance zone as buyers attempt to break the resistance zone. A fresh uptrend will resume if buyers succeed in breaking the resistance at $1.300 and $1,434. If the bullish scenarios are favourable, the biggest altcoin will reach a high of $1,845. Ethereum will be compelled to a range-bound movement if the current resistance levels remain unbroken.

Ethereum indicator analysis

Yesterday, the coin rebounded above the trend line and resumed upward. Each time the coin rebounds is an indication of a further upward movement of the coin. The coin is below the 30% range of the daily stochastic which indicates that Ether is in bearish momentum. This is contrary to the bullish price action.

Key Resistance Zones: $1600, $1,700, $1,800

Key Support Zones: $800, $700, $600 

What is the next direction for Ethereum? 

Ethereum has begun the next leg of a fresh uptrend as it battles the resistance at $1,300. Meanwhile, on January 9 uptrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. This retracement indicates that ETH will rise to level 1.618 Fibonacci extension. That is a high of $1,847.42.

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.